‘Leader in luxury:’ Wynn Resorts posts record Q1 earnings with Las Vegas at forefront

Calling its Strip property the “clear leader in luxury in Las Vegas,” Wynn Resorts announced the hotel received 24 five-star awards — the most of any hotel in the world. And it’s the economic engine driving the company’s best-ever first quarter in Las Vegas: $231.6 million in profit.

Company officials are already looking ahead to the second quarter after recording the best April in the history of Wynn Las Vegas.

Companies that are heavily invested in Macau have been patiently waiting to see positive numbers, and that’s what they’re getting as Wynn and other companies report their first-quarter earnings.

With the contributions from Macau, Wynn Resorts reported an all-time record in EBITDAR — net income before interest, income taxes, depreciation, amortization and a short list of other adjustments.

Overall, Wynn Resorts reported operating revenue of $1.42 billion in the first quarter, an increase of more than $470 million over Q1 last year. That performance is so strong the company is resuming its dividend of 25 cents per share, paid every quarter.

“For the first time in over three years, each of our resorts is generating strong financial results, which is once again a testament to our team’s relentless focus on delivering five-star hospitality and experiences to our guests,” Wynn Resorts CEO Craig Billings said.

Las Vegas properties accounted for more than 80% of the operating income and almost 54% of the company’s profit.

Hotel occupancy was at 88% for the quarter, officials said.

Before the pandemic, Macau was the center of attention for gaming companies. While COVID-19 policies in China limited operations, companies expected it was just a matter of time before gamblers returned in force. Wynn and other companies focused their efforts elsewhere while they waited.

And while Macau is coming back strong — “The market is coming back quicker than anyone thought it would,” Billings said — U.S. companies are still waiting for the return of international travelers — an important part of the market for the luxury-focused Wynn Las Vegas and Encore.

Billings said the international market has not returned to pre-COVID levels, but it is “starting to trickle back.” He noted growth in travel from Latin America, and Europe could follow.

Convention business, on the other hand, is booming in Las Vegas.

In Las Vegas, conventions mean filling up hotel rooms during the week. And Brian Gullbrants, president of Wynn Las Vegas and Encore, said those resorts are “pacing toward record room nights.” And 2024 could be even stronger than 2023, he said.

“We feel great about where we are. We’re ready for anything,” Billings said.